Bitcoin

[Larry]

Interesting concept! I hope I don't stray too far off topic as I try to present another perspective. It's not technical but more conceptual.

 

May I just point out that just like anything conceptualized, it can be re conceptualized & even de conceptualized. Except that in this case, since there is no central regulatory agency, there is also no central accountability for any shenanigans.

 

Peer to peer accountability is a nice concept but only really works in a personal community. When the community is impersonal, as when the population runs past the hundreds, political economics rules, & by that I mean including all the shenanigans that come with it. There's really no such thing as pure economics with a level playing field for everyone. Even when playing monopoly with 6 players, non economic issues can arise between alliances hehehe.

 

Take the $, which is no longer backed by gold, & is supposedly regulated by whatever US authority.

 

Now compare that with the bitcoin, also not backed by gold, but who regulates the limits of its so called mining? Nobody? But who set the limit in the first place? & how was it set? Nobody is accountable.

 

that's the beauty of the bitcoin protocol

 

the limits are set by mathematical algorithms in place to do just that.

 

the entire system is governed by math, and because its math you really can't take advantage of it, it's black and white.

 

For example, there is a set limit of bitcoins that can be mined every 10 minutes. At this point the limit is 25, the number gets halved every 4 years, so in 2018 there will only be 12.5 bitcoins to be mined every 10 minutes. and the process goes on until all the bitcoins are mined.

 

the process of mining involves solving a complex mathematical equation, which requires a certain amount of computing power. The equation progressively gets harder as time goes by, so the process of mining gets more difficult.

 

Now mining accomplishes two things, one it is to solve the complex mathematical equation in order to acquire new bitcoins, and two to verify each and every transaction made for every bitcoin in that ten minute period.

 

Now this is where the algorithm gets into play, you can't mine for bitcoin if you don't also verify the ten minute transaction block, it goes hand in hand. Each miner works together to verify the entire block, and without verifying the block no bitcoin will be mined. So it is all in their best interests to correctly verify the transactions in order to benefit from the mining. Should you manipulate the blockchain in any way the algorithm ensures that no bitcoin will be mined until the offending transaction is rectified.

 

Over time there will be millions and millions of transactions, hence the need for raw computing power from the miners, which is why the complex mathematical equation for mining gets harder and harder every time. The shared processing power of all the current bitcoin miners right now is more than the computing power of all the world's supercomputers combined.

 

You can't hack your way into bitcoin, since its governed by an algorithm, change the algorithm and the entire system falls apart, which renders your manipulation pointless since there would be no more bitcoin. And the fact that it's governed by an algorithm makes it black and white, and frees it from the non-economic factors that you mentioned, i.e. politics, geo-politics, personal feelings, etc. All the things that makes the current system corruptible is virtually non-existent in Bitcoin, because it's not governed by humans, it's governed by math.

 

& if it was initially set by someone, then it can always be reset. Particularly since nobody is accountable.

 

That's a misconception of cryptocurrency. Just because there's nobody centrally in charge of the whole thing, doesn't automatically mean that nobody is accountable. The whole system is accountable to everyone in the system, you'll notice this if you observe the markets.

 

Personally, any global currency system, backed by no real standard, such as gold, is the real root of the exponentially increasing economic inequality in the world. Sure, this inequality was initially set by historical realities, such as natural resources & climate conditions in various localities, but this could still be & have been relatively easily offset by personal, community, national, & maybe even regional initiatives, when there were still real standards, like gold.

 

agreed

 

Without real standards, like gold, the system is subject to manipulation, & much more so when there is no central regulatory agency. & I'm not even going into the inequality between those who have bit access & the overwhelming majority who don't.

 

not necessarily. The system will only be subject to manipulation, if only group or entity handles the standard.

 

I think bitcoins may really be lucrative for the haves, much like trading, & even derivative trading. Or like pyramid multi level marketing systems. Those who get in first, make the most, & when the structure inevitably crumbles, or is restructured or reorganized or what have you, those who come in later have no recourse.

 

another misconception. Bitcoin isn't a ponzi scheme, even late adopters can still gain from the system, and in the first place, Bitcoin is more than a get-rich-quick scheme. If you stop thinking about it in that light, but instead as real currency then the notion of it being a pyramid scheme goes away.

 

 

 

Personally, I'd like to take a good hard look back at the primitive barter system & see how it's good points can be integrated into global cyber economy hehehe.

 

Bitcoin is a throwback to the primitive currency systems of ancient men. Back then there were no federal reserves, or central banks. Everyone had rocks or strips of leather to indicate currency, and traded those in exchange for goods. The value was set collectively, and was not subject to manipulation since there was only a set number of blue rocks that you can use. Nobody could say that your rocks were worth less, everyone had to agree on the value of your rocks. Much like bitcoin.

[juanito1ingles2]

I'm not faulting any of the technical issues you raise, Larry, as they are all valid. My issue is the premise:

 

Someone or some group created the bitcoin system. They didn't ask anyone's permission to do that & they're not accountable to anyone.

 

Logically, someone or some group can also modify the bitcoin system. Most probably, that would be the original creators, or their effective successors, but it could also be reverse engineering hackers. They don't need to ask permission to do that, precisely because they're not accountable to anyone.

 

Cryptography, just like hyper space drives, is a technology. It was created, it can be modified, albeit only by knowledgeable technicians. The parameters can be changed, if not the mathematics, to substantially favor particular parties, even just by minimal fore knowledge.

 

The only reasons the bitcoin protocol, just like any other technology, cannot be modified are:

 

1. The technical knowhow is somehow lost- which renders the system inoperable as soon as any component fails, which is inevitable, hence the purpose of maintenance, which needs technical knowhow.

 

2. The knowledgeable technicians don't want to modify it- but then various means of persuasion can be used to convince the technicians otherwise.

 

The only counter to this is a regulatory body. The system may be modified, but the regulatory body is accountable for the modifications. Which is the case with the internet or open source. But is not the case with the bitcoin system if it does not have a regulatory body.

 

that's the beauty of the bitcoin protocol

 

the limits are set by mathematical algorithms in place to do just that.

 

the entire system is governed by math, and because its math you really can't take advantage of it, it's black and white.

 

...

 

primitive currency systems of ancient men. Back then there were no federal reserves, or central banks. Everyone had rocks or strips of leather to indicate currency, and traded those in exchange for goods. The value was set collectively, and was not subject to manipulation since there was only a set number of blue rocks that you can use. Nobody could say that your rocks were worth less, everyone had to agree on the value of your rocks. Much like bitcoin.

[juanito1ingles2]

O, I never meant to lump the bitcoin system with pyramid scams, though I might not have been clear about that. What I meant was that without a regulatory body, late adopters could be substantially at the mercy of early adopters, who could have made their killing before any manipulation, while the adopter base was still being substantially increased.

 

I'm not imputing any intent to manipulate in the bitcoin system, only that without a regulatory body, it is prone to manipulation.

 

...

another misconception. Bitcoin isn't a ponzi scheme, even late adopters can still gain from the system, and in the first place, Bitcoin is more than a get-rich-quick scheme. If you stop thinking about it in that light, but instead as real currency then the notion of it being a pyramid scheme goes away.

...

[Larry]

I'm not faulting any of the technical issues you raise, Larry, as they are all valid. My issue is the premise:

 

Someone or some group created the bitcoin system. They didn't ask anyone's permission to do that & they're not accountable to anyone.

 

Logically, someone or some group can also modify the bitcoin system. Most probably, that would be the original creators, or their effective successors, but it could also be reverse engineering hackers. They don't need to ask permission to do that, precisely because they're not accountable to anyone.

 

No they cannot.

 

you can modify the source code of the program sure, but if you modify the protocol then that wouldn't be bitcoin. The whole essence of bitcoin is in its algorithms and parameters, if someone modifies that then that destroys the system and creates a new one in its place.

 

As proof of this, the bitcoin source code and the entire concept of bitcoin is free and open for anyone to review. Anyone can have access to it, read through the paper, review the source code and write their own version of it. It has been that way since Bitcoin came onto the scene in 2008, six years later and 10B dollars later the protocol has remained unchanged.

 

Bitcoin is first and foremost a concept. It's a mathematical way of looking at currency, the software is just there to enact on the concept. You can modify the software sure, but if you tamper with the concept then it wouldn't work, simply because it's a new concept now with different rules.

 

You can't hack into an idea and change it to suit your needs. It's an idea. If you modify an idea then you've created a new one altogether. Probably similar but altogether different.

 

 

 

Cryptography, just like hyper space drives, is a technology. It was created, it can be modified, albeit only by knowledgeable technicians. The parameters can be changed, if not the mathematics, to substantially favor particular parties, even just by minimal fore knowledge.

 

no.

 

Cryptography is a science. You can't modify science. in the same way that you can't modify the rules of gravity. it just is.

 

 

 

The only reasons the bitcoin protocol, just like any other technology, cannot be modified are:

 

1. The technical knowhow is somehow lost- which renders the system inoperable as soon as any component fails, which is inevitable, hence the purpose of maintenance, which needs technical knowhow.

 

the technical knowhow will never be lost since it's open source. That would be like losing the knowledge to make websites.

 

 

 

2. The knowledgeable technicians don't want to modify it- but then various means of persuasion can be used to convince the technicians otherwise.

 

there are no "technicians" in the way that you define it.

 

The only counter to this is a regulatory body. The system may be modified, but the regulatory body is accountable for the modifications. Which is the case with the internet or open source. But is not the case with the bitcoin system if it does not have a regulatory body.

 

I have to stop you right there.

 

there is no regulatory body for the internet, nor for open source software. In fact there is a movement to keep the internet free and open for everyone.

 

Putting a regulatory body defeats the whole concept of bitcoin, in the same way that putting a regulatory body on the internet defeats the purpose of the internet.

 

-------------

 

To put things in perspective since i think we're arguing on different pages here.

 

Bitcoin isn't a singular piece of technology. It's a concept. Much like the internet is a concept, and HTTP is only a technology to be able to make use of the concept.

 

Now the concept of Bitcoin and the Internet is very similar. The internet gave everyone in the world, regardless of status, ideology, race and religion access to all sorts of information, and the right to release information of their own to the world. Bitcoin (the concept) is similar, it frees currency from the bonds of a regulatory body, and gives back the freedom of their finances to the people without worrying about third party forces influencing the control and value of their money. This is precisely the reason why Bitcoin has been called the internet of money.

 

Now you can't modify the internet, you can't hack the "internet" and change it to suit your needs. Nobody owns the internet, Nobody controls it. You can't change the internet, you can only modify the way you access the internet, via mobile, via computers, and pretty soon via wearable devices such as Google Glass. But the internet won't change. The whole idea of the internet will be there as constant as the sun in the sky.

 

It's the same way with Bitcoin and cryptocurrency.

[Larry]

O, I never meant to lump the bitcoin system with pyramid scams, though I might not have been clear about that. What I meant was that without a regulatory body, late adopters could be substantially at the mercy of early adopters, who could have made their killing before any manipulation, while the adopter base was still being substantially increased.

 

I don't see how this could happen. Only if you're thinking about trading in bitcoin, which is just a small part of the bitcoin story. Like in every other thing that's traded, early adopters are obviously going to have an advantage. But there's more to bitcoin than just trading in it, although at this point it's a large part of bitcoin.

 

I'm not imputing any intent to manipulate in the bitcoin system, only that without a regulatory body, it is prone to manipulation.

 

like I said the bitcoin concept in itself cannot be manipulated or modified. It's like playing basketball, if you modify the rules to allow you to carry the ball without dribbling it, then that's an entirely different game already, and you can't call it basketball.

 

The bitcoin market though is prone to speculation, very much like during the gold rush era, and this drives the crashes and rises of the bitcoin value, but that's to be expected with something as new as this. Once it stabilizes, speculation will stop and we will see what bitcoin is really capable of, and what other things will come out from this concept. Andreas Antonopolous put it best, what we're seeing now with bitcoin, is what people were seeing almost 30 years ago during the birth of the internet, it was an exciting scary time, not a lot of people really knew what it was about, people were scared of going on the "net", and everything was very crude and primitive. Fast forward to today, and the internet is now pretty normal and almost indispensable, a majority of the human population would simply die without the internet ( I know I would since it's where I make my living).

 

I still remember when people viewed emails as this exotic and mysterious piece of technology, nobody really knew what to make of it in 1994. Now everyone has an email address, and a lot of information is being exchanged via email. It's crazy.

[sonnyt111]

I don't see how this could happen. Only if you're thinking about trading in bitcoin, which is just a small part of the bitcoin story. Like in every other thing that's traded, early adopters are obviously going to have an advantage. But there's more to bitcoin than just trading in it, although at this point it's a large part of bitcoin.

 

 

 

like I said the bitcoin concept in itself cannot be manipulated or modified. It's like playing basketball, if you modify the rules to allow you to carry the ball without dribbling it, then that's an entirely different game already, and you can't call it basketball.

 

The bitcoin market though is prone to speculation, very much like during the gold rush era, and this drives the crashes and rises of the bitcoin value, but that's to be expected with something as new as this. Once it stabilizes, speculation will stop and we will see what bitcoin is really capable of, and what other things will come out from this concept. Andreas Antonopolous put it best, what we're seeing now with bitcoin, is what people were seeing almost 30 years ago during the birth of the internet, it was an exciting scary time, not a lot of people really knew what it was about, people were scared of going on the "net", and everything was very crude and primitive. Fast forward to today, and the internet is now pretty normal and almost indispensable, a majority of the human population would simply die without the internet ( I know I would since it's where I make my living).

 

I still remember when people viewed emails as this exotic and mysterious piece of technology, nobody really knew what to make of it in 1994. Now everyone has an email address, and a lot of information is being exchanged via email. It's crazy.

So insofar as bitcoin technology is concerned, I'm still living in 1994. As far as I'm concerned, bitcoin is an exotic and mysterious piece of technology. Guess I have a lot of catching up to do...

[oscartamaguchiblackface]

http://finance.yahoo.com/news/the-real-reason-bitcoin-is-doomed-140437704.html

 

The real reason Bitcoin is doomed

 

 

It's the taxman, rather than any private institutional failures, that will relegate the cryptocurrency to niche status.

http://l.yimg.com/os/publish-images/finance/2014-01-23/74292788-0605-4e64-94b0-a5221ff38c15_FortuneLogo.jpg By Christopher Matthews March 12, 2014 10:41 AM 0 shares

• FORTUNE -- It's been a busy couple of weeks for bitcoin enthusiasts, first as they dealt with the volatility brought on by the

implosion of the world's largest bitcoin exchange, then as Newsweek fingered a 64-year-old California man named Satoshi Nakamoto as the creator of the virtual currency
 
But compared to the question of whether bitcoin will ever achieve levels of adoption anywhere near the scale of government-backed fiat currencies, these stories are mere trifles. Bitcoin's biggest obstacle to success has always been receiving the blessing of the very governments that many of its supporters view as enemies one through 100.
 
Some governments, like China, have taken steps to combat bitcoin's use. In December, Chinese officials banned financial institutions from dealing with bitcoin though individuals are free to own them. The United States has taken a more hands-off approach, but it is inevitable that the Treasury Department, and especially the IRS, will have to take an official stance on the currency, and its position will have huge implications for the success of bitcoin.
 
Tax attorney Lee Shepard argues convincingly in a recent article in Tax Notes that "Bitcoin is not a currency," despite the protestations of some supporters. According to Shepard:
 

Users of Bitcoin should not think that it is exempt from taxation or outside the tax system. There's nothing that Bitcoin allows anyone to do that they can't already do in the regular banking system ... Libertarians, drug dealers, and tinfoil hatters like Bitcoin because it is not issued by a central government, but the irony is that it is more controllable and more traceable than the U.S. bank notes ...

 

Shepard points to a United States Tax Court decision from the 1970s that dealt with a company called Barter Systems, which allowed customers to trade in hard assets in return for "trade units" issued by the firm. This was during a time when inflation was high, which explains the appeal of these trade units. The U.S. tax court ruled that Barter Systems was required to report transactions involving these trade units and that the exchange "should be taxed on the fair market value of property received in exchange for trade units." Continues Shepard:
 

Bitcoin is analogous to the trade units considered in Barter Systems Inc. of Wichita. It is a privately issued medium of exchange accepted only in constrained circumstances and not backed by any promise of the issuer. Colvin treated the trade units as property in analyzing their use. The same analysis applies to Bitcoin.

 

If Shepard's analysis is accurate, then how bitcoin users would be taxed when they sell their bitcoins for goods or dollars would depend on whether that person is a trader, investor, or dealer. But one thing is for sure, the transaction would be taxed, as bitcoin transactions are easily traceable.
 
And if you're a bitcoin user that is buying and selling the currency on a short-term basis, as one would expect from a person using bitcoin like everyday currency, any gains you realize would be taxed as ordinary income -- as high as 39.6%.
 
One of the main appeals for bitcoin is the fact that it was designed so that there can only be a finite number of bitcoins created. This, of course, will help those who keep their wealth in bitcoin avoid the hidden tax of inflation. The United States has an explicit policy goal of devaluing its currency at a steady 2% per year, and that adds up to quite a bit over time.
 
But here's the rub: The IRS will value the gains you make on bitcoin vis-a-vis the dollar. The more inflation in the dollar, the higher your tax bill will be if you keep your wealth invested in bitcoin and transact often using it. There's also the issue of the high cost of record-keeping and reporting to the IRS an individual or company's frequent bitcoin transactions.
 
So, if you're interested in bitcoin as a currency for its ability to maintain value, you're also going to have to plan on paying a high price to the feds for the pleasure of using it.
 
The great contradiction inherent in bitcoin is that so much of its appeal comes from its supposed independence from the government, but it's increasingly clear that for the currency to be widespread enough for it to be a stable store of value, it will have to have to receive the blessings of governments across the world. And those governments are unlikely to cede their control over the monetary system anytime soon.
 
 

[juanito1ingles2]

Yup, we're not in the same page alright :-)

 

Gravity, just like mathematics, is a natural phenomenon, NOT a technology, it JUST is.

 

Bitcoin, like the internet, cryptography, opensource, & basketball, is a created technology, NOT a natural phenomenon, it CAN be changed.

 

In fact, the internet, cryptography, open source, & basketball HAVE changed significantly since their inceptions, subject to their regulators. For the internet, it's the top domains & associated parties. For open source, it's the particular varieties, like Ubuntu Foundation.

 

Don't you find a contradiction there: no regulatory body for the internet, but it can't be modified? & yet there is some form of internet regulation as well as modification. Including manipulation, as best exemplified by China.

 

Sure, the top concepts may not change, but the detailed implementations may & have changed radically.

 

I have nothing against bitcoin, except the fiction that it's not in any way regulated.,

 

I've expressed by opinion enough :-)

 

...

Cryptography is a science. You can't modify science. in the same way that you can't modify the rules of gravity. it just is.

 

...

 

there is no regulatory body for the internet, nor for open source software. In fact there is a movement to keep the internet free and open for everyone.

 

...

 

Now you can't modify the internet, you can't hack the "internet" and change it to suit your needs. Nobody owns the internet, Nobody controls it. You can't change the internet, you can only modify the way you access the internet, via mobile, via computers, and pretty soon via wearable devices such as Google Glass. But the internet won't change. The whole idea of the internet will be there as constant as the sun in the sky.

 

It's the same way with Bitcoin and cryptocurrency.

[Larry]

Yup, we're not in the same page alright :-)

 

Gravity, just like mathematics, is a natural phenomenon, NOT a technology, it JUST is.

 

Bitcoin, like the internet, cryptography, opensource, & basketball, is a created technology, NOT a natural phenomenon, it CAN be changed.

 

In fact, the internet, cryptography, open source, & basketball HAVE changed significantly since their inceptions, subject to their regulators. For the internet, it's the top domains & associated parties. For open source, it's the particular varieties, like Ubuntu Foundation.

 

please do tell me, how these have changed.

 

especially the internet and quite laughably I must admit (I'm sorry) open source.

 

no one regulates the internet, you can BLOCK ACCESS to it but there's currently no regulation for the internet.

 

even top domains (I'm not sure you know what you think top domains really mean) cannot regulate the internet.

 

 

 

Don't you find a contradiction there: no regulatory body for the internet, but it can't be modified?

 

where's the contradiction?

 

 

& yet there is some form of internet regulation as well as modification. Including manipulation, as best exemplified by China.

 

like I said, China blocks the internet and creates their own intranet. it's in no way a manipulation of the concept of the internet.

 

Sure, the top concepts may not change, but the detailed implementations may & have changed radically.

 

correct

 

but the concept behind bitcoin will never change, a decentralized, distributed system of finance. that will never change no matter how you look at it

 

I have nothing against bitcoin, except the fiction that it's not in any way regulated.,

 

I've expressed by opinion enough :-)

 

and you are quite entitled to it, I'm merely stating the facts, and clarifying things for you.

[camiar]

Bitcoin could be the model for future commercial transactions.

 

You trade goods and services through digital money. RFID technology makes this possible. RFID stores all your relevant personal data as well as your earned digital money. RFID is inserted or embedded to your skin on your forehead and hands. To complete a commercial transaction, your forehead or hand is scanned and the digital money is exchanged. No need for cash or credit cards.

 

Sounds familiar? Read the book of the Apocalypse about the mark of 6 and 66.

Edited March 18, 2014 by camiar

[oscartamaguchiblackface]

Bitcoin could be the model for future commercial transactions.

 

You trade goods and services through digital money. RFID technology makes this possible. RFID stores all your relevant personal data as well as your earned digital money. RFID is inserted or embedded to your skin on your forehead and hands. To complete a commercial transaction, your forehead or hand is scanned and the digital money is exchanged. No need for cash or credit cards.

 

Sounds familiar? Read the book of the Apocalypse about the mark of 6 and 66.

 

Suddenly, the hairs at the back of my neck started to rise. An ancient prophecy is about to come to pass?

[Larry]

I really don't buy into all the bible stuff

 

people said the same thing about credit cards 30 years ago

[camiar]

I really don't buy into all the bible stuff

 

people said the same thing about credit cards 30 years ago

 

RFID would be the enabling technology for cashless/cardless commerce. It's still in its infancy, but miniaturization of components will make the chips so small and easy to implant that it will be ubiquitous.

 

Human trials have already began:

 

In Europe, there have been several trials involving RFID implants in humans. Members of the exclusive Vaja Beach Club in Barcelona, Spain, are offered the opportunity to receive RFID chip implants as a means of gaining entry to the elite club and also to pay for drinks. The chips, which are implanted into the arms of members at the club, allow them to run up tabs without having to carry any other form of identification.

(Source: http://www.informationliberation.com/test.php?id=4841 )

 

If you use the concept of BitCoin commerce and enable it with RFID, you'll have the future economic system before you. It surely won't happen in our present generation, but the system and its enabling technology is already available. It's only a matter of time in the near future before everybody have to accept it as a necessary part of their lifestyle.

 

Revelation 13:16-17 says:

16. It (The Beast) also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, 17. so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.

Edited March 19, 2014 by camiar

[maxiev]

RFID would be the enabling technology for cashless/cardless commerce. It's still in its infancy, but miniaturization of components will make the chips so small and easy to implant that it will be ubiquitous.

 

Human trials have already began:

 

In Europe, there have been several trials involving RFID implants in humans. Members of the exclusive Vaja Beach Club in Barcelona, Spain, are offered the opportunity to receive RFID chip implants as a means of gaining entry to the elite club and also to pay for drinks. The chips, which are implanted into the arms of members at the club, allow them to run up tabs without having to carry any other form of identification.

(Source: http://www.informationliberation.com/test.php?id=4841 )

 

If you use the concept of BitCoin commerce and enable it with RFID, you'll have the future economic system before you. It surely won't happen in our present generation, but the system and its enabling technology is already available. It's only a matter of time in the near future before everybody have to accept it as a necessary part of their lifestyle.

 

Revelation 13:16-17 says:

16. It (The Beast) also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, 17. so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.

Even dogs today are fitted with RFID implants, making it possible to trace the owner of the dogs if they are ever captured.

 

The next step, I suppose, is to implant some sort of GPS transponder, making it possible for the owner of the dog to track its location if it ever gets lost. If they can do it with smart phones and tablets, I don't see why they can't do it with living things.

 

And then after this, kids may be given implants as well. If they are ever abducted or simply get lost, the parents will be able to trace their whereabouts.

Edited March 19, 2014 by maxiev

[Bugatti Veyron]

Even dogs today are fitted with RFID implants, making it possible to trace the owner of the dogs if they are ever captured.

 

The next step, I suppose, is to implant some sort of GPS transponder, making it possible for the owner of the dog to track its location if it ever gets lost. If they can do it with smart phones and tablets, I don't see why they can't do it with living things.

 

And then after this, kids may be given implants as well. If they are ever abducted or simply get lost, the parents will be able to trace their whereabouts.

I wonder if this is already being done in Europe, the US, Canada, Japan, South Korea and Australia. If so, I sense a great opportunity to make a small fortune by being one of the first to introduce this technology here in the Philippines. I'm pretty sure a lot of people would pay good money to have these devices implanted on their pets (or even on their kids if there are no adverse health effects). Especially at a time when the incidence of kidnapping is high.

 

Sorry for being off topic. Back to Bitcoin.....